Picture: MOU Signing with BSP from L-R BSP Country Head Haroon Ali , Dr Mahendra Reddy ,Mr. Ritesh Dass and Mr. Alvin Singh 

A Memorandum of Understanding that will provide farmers a digital based banking solution was signed yesterday (14.9.20) by Fiji Agro Marketing Authority (AMA) and the Bank South Pacific (BSP). 

The Minister for Agriculture, Waterways and Environment, Hon. Dr. Mahendra Reddy while officiating at the signing applauded the initiatives of the two organisations describing it as ‘a step to boosting the plans to modernize and commercialise agriculture’. 

He said the Ministry of Agriculture in partnership with AMA had embarked on contracting farmers to focus their production on commercial endeavours.

“This agreement is a step further in materializing our objective of achieving a full-fledged commercial agriculture sector,” said Dr. Reddy.

“Under the agreement, BSP will provide financial literacy training to the AMA contracted farmers at their regional locations and register farmers for SMS banking services so that farmers living in regions with poor network connectivity can receive payment on their mobile phones.”

Dr. Reddy said in addition, BSP would extend its services by providing soft loans to AMA and other exporters contracted farmers and existing suppliers.

He said the Ministry of Agriculture and AMA was not only focused to bring markets to farmers doorsteps but would continue to ensure farming was treated as a business and such packages would be identified to encourage proposed changes. 

“Through this engagement we will increase the number of farmers who want to take up farming as a business to enable them to increase their productivity, income and profitability and at the same time improve and sustain their livelihood,” said Dr. Reddy.

The BSP Country Head Haroon Ali commended the alliance saying that it formed an integral part of the financial inclusion strategy and would further enhance BSP’s contribution to the Government’s objective of National Financial Inclusion and a cashless society. 

He said the Bank would also assist AMA to digitise their farmer payment processes and reduce security risks associated with handling large sums of cash.  

“With their card-based accounts, farmers are able to receive cash directly into their bank accounts from AMA and they can verify when payments have been received by using SMS or the BSP App to check their balances or view transaction history,” explained Mr Ali.  

“Farmers can then visit their rural post offices or their nearest ATM to withdraw cash. They can also swipe their Easy Cards at any local BSP EFTPOS terminal to pay for their shopping and withdraw cash.”

“We are committed to working with the AMA to facilitate financial literacy workshops for farmers that include digital banking training to provide them with 24/7 access to their own bank accounts via SMS, online banking or the BSP mobile banking app,” said Mr. Ali. 

“Under the partnership, farmers would have a tailored savings account that allowed four free digital banking transactions monthly, no charges for monthly maintenance fees and access to BSP’s 16 branches, 41 rural Postal Agencies, 2045 BSP EFTPOS terminals and 118 ATMs nationwide with the added benefit of SMS and Online banking.”

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